Crypto Market Recap: April 2024

Market Performance

While the overall sentiment remained bullish, the euphoria seems to be over, and now the market looks quite healthier. It is worth to note that at the time of writing, many coins have gained 5-10% in price since the end of April.

Bitcoin Performance

Bitcoin experienced its first unprofitable month since August 2023, plummeting by 14.7% in April. This marks its worst performance since November 2022, coinciding with the FTX crash. However, the market sentiment has notably improved, with this downturn being viewed as a healthy response to the capital outflow from overbought spot ETFs. While the long-term outlook remains positive, the short-term expectation was for a correction following the turbulent events of February.

As evident from the Heat map displayed above, coins exhibited a negative trend throughout April. The entire market endured a downturn in sentiment and a decrease in interest in cryptocurrency. Can the thesis "Sell in May and Go Away" truly vindicate itself? This topic was explored in a recent article.

BNB and TON stood out amidst a declining market, showcasing relatively modest declines. BNB responded favorably to the news of CZ's sentencing, sparking optimism within the community. Meanwhile, TON remains steadfast in its pursuit of new milestones, garnering interest from venture capitalists and a global audience.

Despite the prevailing negativity, there were several gainers in the market. However, the list is relatively modest, making it challenging to pinpoint any notable success stories. Further details can be found in the following content.

Fundraising in Crypto Keeps Growing

Fundraising in the cryptocurrency sector is exhibiting signs of recovery. In March and April 2024, the total amount of raised funds surpassed $1 billion. Concurrently, the number of successfully closed rounds has been steadily increasing since last summer and is now nearing the figures seen in spring 2022.

Monad and Berachain, two of the most eagerly anticipated early-stage blockchains, concluded the largest fundraising rounds this month. They are closely followed by several other noteworthy projects currently conducting airdrop campaigns. For further details, explore our new Drop Hunting Dashboard.

Token Sales Are Booming

The token sales market continues to exhibit remarkably robust activity, nearly returning to the levels observed at the beginning of 2022. Following a year and a half of dormancy, the launchpad landscape has undergone significant transformations, with new leaders and emerging trends shaping the industry. However, the fundamental mechanics of conducting token sales have largely remained intact.

Among launchpads, notable returns on investment (ROI) have been observed with WeWay, Ape Terminal, and Impossible Finance.

Among the projects, Nokla, Altoscan, and Valor have delivered the most impressive returns.

On-Chain Performance Analysis

The inevitable outcome of a bull market is an upsurge in online activity and Total Value Locked (TVL). However, it remains challenging to assert substantial growth at present: the market is experiencing a local recession, and new users exhibit reluctance to join the blockchain.

DeFi Performance

Despite the decline in asset value, new blockchains have demonstrated impressive growth in Total Value Locked (TVL). Notably, several blockchains that implemented incentivized campaigns in April have seen significant increases. These include Merlin Chain, Scroll, Linea, Mode, and zkLink.

Among the projects, Echelon Market, Butter Network, and Surf Protocol emerged as the leaders in TVL growth during April.

Blockchain Usage

Tron maintains its position as the leader in the number of active addresses, with Near, BNB Chain, and Solana following closely behind.

Solana continues to maintain its dominant position as the leader, with Near following closely behind. The number of transactions on Near has experienced significant recent growth.

The Bottom Line

Despite April's notably negative performance in the cryptocurrency market, user interest has shown little sign of waning. In fact, the increasing number of new coin launches is further fueling interest in cryptocurrency. 

Ahead of us lie airdrops and the release of long-anticipated tokens, along with the emergence of new projects that we may not even be aware of yet. As we remain in the bull market phase, maintaining a positive attitude is crucial in anticipation of further growth.